Mundi Ventures leads €160M Series C in Europe's leading quantum computing firm

Mundi Ventures, through its deeptech fund Kembara Fund, is proud to co-lead Quantum Motion's $160m Series C alongside our friends at DCVC — one of the largest fundraises secured by a European quantum computing startup to date, following Finland's IQM ($320m Series B) and France's Pasqal ($200m). The round also included participation from the British Business Bank and UK-based Firgun Ventures, alongside returning investors Oxford Science Enterprises, Inkef, Bosch Ventures and Porsche.

Spun out of UCL and Oxford in 2017 by Profs. John Morton and Simon Benjamin, Quantum Motion (QMT) builds "dot spin qubits" — quantum information stored in the spin of a single electron, trapped in silicon — using exactly the same 300mm silicon CMOS process that produces the chip in your laptop, developed in partnership with US chipmaker GlobalFoundries. The same fabs, same materials, same supply chain. This round will fuel QMT's aggressive roadmap to get silicon-spin-based qubits to market, including the recent opening of new offices in San Sebastián, Spain, where the company is partnering with research centre CIC Nanogune, and plans to grow its Spain team to 50 people alongside its existing 100-strong team across London, Oxford and Sydney.

Here's why we're so excited about it.

AI took a while to arrive.

Despite capturing popular imagination for decades, major progress only really started in the early 2010s. We then seemed to stall out at "AI is great for optimising / classifying." Little did we know what was right around the corner.

But we're not here to write about AI.

Quantum, we'd posit, is going to be a similar sleeper hit. While there is much buzz about it, as there was for AI circa 2015, the real impact is five years out (no matter what the current breed of QCs will have you believe). At that point, expect an explosion in popularity, used for applications from drug discovery to climate-scale chemistry to cracking the encryption protecting half the internet.

New miracle drugs that are so precisely engineered they can cure without side effects? QCs will help us get there. Novel chemistry to solve existential issues such as carbon capture? QCs again are probably our only workhorse to get there. Re-engineering the Haber-Bosch process — the century-old reaction we use to fix nitrogen for fertiliser, which today consumes ~2% of all global energy and emits ~1.4% of global CO₂? It's the canonical "killer app" for fault-tolerant quantum: simulate the FeMoCo molecule properly and we get cheap, low-emission fertiliser, which is to say, food security and a meaningful climate dividend.

The size of the prize, on the most bullish credible estimates, is around $97bn in annual quantum-tech revenue by 2035 (with quantum computing itself the bulk of that), per McKinsey. The Quantum Insider models a more conservative ~$50bn cumulative vendor revenue through 2035, against ~$1 trillion in cumulative value created for end users. Bottom line: this is shaping up to be a several-hundred-billion-dollar industry.

But what are the implications?

Today's data centres already chew through about 415 TWh of electricity a year — roughly 1.5% of global consumption, growing at 12% annually. The IEA expects that to more than double to ~945 TWh by 2030, almost entirely on the back of AI. Yes, we're paying for it now, but at what cost? Higher energy bills for families? Greater global warming? Unsustainable use of non-renewables? QC unfortunately looks set to be another power-hungry beast, waiting just around the corner.

Consider superconducting qubits, today's frontrunner. The first wave of useful problems — breaking RSA-2048, simulating FeMoCo for cleaner fertiliser — requires around 1,500 logical qubits. But these are the easy targets. The real prize is much bigger. Simulating actual drug-target proteins for precision medicine, the catalysts that would unlock industrial clean fuels, room-temperature superconductors for the grid: tens of thousands of logical qubits, possibly far more. At superconducting's current overheads, that's a machine drawing somewhere between tens and hundreds of megawatts. For ONE quantum computer. And we'll want thousands of them.

Multiply that out and either we go through another wave of surging and likely unsustainable energy needs, or we'll vastly limit the use of this amazing new tech because we simply can't power the machines. This whole area has been vastly under-appreciated.

Luckily there's good news. Just as vacuum tubes would have been inconceivably big and power-hungry were we to be using them at the scale of compute we enjoy today, there are a handful of companies building the transistor equivalent for QC.

The most promising category is silicon spin qubits, and the most promising company within it (in our humble opinion) is Quantum Motion. Weighing in at as little as 100kW (0.1MW), these are at least twenty times more power efficient than their nearest competitor, and 200 to 1000 times more efficient than mainstream contenders.

QMT has spent eight years quietly proving you can build a quantum computer on commercial silicon. They've produced a string of peer-reviewed firsts on cryo-CMOS integration and high-fidelity gates on commercial silicon, and in November 2025 graduated to Stage B of DARPA's Quantum Benchmarking Initiative — one of just eleven companies worldwide to clear what is, by design, a brutally high bar.

The team has already built a 4-qubit demonstrator machine — delivered to the UK's National Quantum Computing Centre in September 2025, the first full-stack silicon CMOS quantum computer ever installed — which might just be the prettiest quantum computer out there as a nice side-effect. It fits in three regular server racks, easily slotting into a normal data centre — no specialist building required. And critically, the same design and footprint scales from four physical qubits to millions.

QMT will not be the first quantum computer to market, and probably not the second, third or fourth. But they will deliver the kind of QC that creates the scalability moment for the industry — the one that lands somewhere in the GigaQuop to TeraQuop window (a billion to a trillion reliable quantum operations in a single computation, the threshold at which quantum machines start solving problems no supercomputer can touch). The moment that takes QC from expensive, unobtainable, magic device to broadly available, scalable and usable. The kind of thing that tends to lead to wondrous, impossible-to-predict outcomes.

Magnify this by the idea that AI "scientists" might be commonplace by then, driving science at a blistering pace we couldn't have imagined just five years ago, and the impact is profound. And the impact of quantum computers being a major bottleneck would be sad, if not tragic.

Just as the impact of AI was so hard to imagine even when it was just around the corner, the impact of Quantum Computing feels like an abstract techno-futurist concept today. Our team, for one, is brimming with anticipation for this important new mass-QC era which finally lies within grasp.